Beginning in 2009, North Carolina offers a property tax deferment program for Working Waterfront properties. (NCGS 105-277.14)
In order to qualify, the property must be either:
Real property that is adjacent to coastal fishing waters and is primarily used for a commercial fishing operation or fish processing, including adjacent land that is under improvements used for one of these purposes
A pier that extends into coastal fishing waters and limits access to those who pay a fee
Additionally, the property must have produced an average gross income of $1,000 for the most recent three year period.
An initial application must be filed during the regular listing period (during the month of January) or within 30 days of a notice of value change made pursuant to NCGS 105-286 or 105-287. A new application is not required unless the property is transferred or becomes ineligible for classification.
The deferment is calculated based on the difference in the market value of the property and the value in its current use. The deferred taxes are a lien on the property and carried forward in the tax records. Deferred taxes for up to three years plus the current year become due with interest when the property no longer qualifies as working waterfront property.